The federal government has approved a ₦1.09 billion insurance package for critical assets and personnel across all federal airports in Nigeria.
Minister of Aviation and Aerospace Development, Festus Keyamo announced the decision on Monday after the Federal Executive Council (FEC) presided over by President Bola Tinubu at the Presidential Villa.
Keyamo said the approval aligns with a directive from the Secretary to the Government of the Federation (SGF), which mandates Ministries, Departments, and Agencies (MDAs) to insure critical government assets.
Additionally, the measure is a key requirement for Nigeria’s airports to obtain certification from the International Civil Aviation Organisation (ICAO).
He added that, “Most of these assets have remained uninsured for a long time. This approval ensures both infrastructure and personnel of the Federal Airports Authority of Nigeria (FAAN) are covered, in line with global best labor practices.”
The insurance contract, valued at ₦1,097,137,102.48 (inclusive of 7.5% VAT), will be executed over a one-year period, commencing upon premium payment by FAAN.
The minister said following a rigorous selection process, five leading Nigerian insurance firms were chosen for the coverage.
He gave the insurance firms to include Leadway Assurance Company Limited as the lead underwriters while the co-Underwriters are Cornerstone Insurance Plc, Linkage Assurance Plc, NEM Insurance Company and Anchor Insurance Plc.
